Greenlight raises $260 million
Greenlight Financial Technology, the fintech company on a mission to help parents raise financially-smart kids, announced the close of $260 million in Series D funding. The series was led by Andreessen Horowitz with participation from returning investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners. This brings Greenlight’s total funding to over $550 million and increases the company’s valuation from $1.2 billion to $2.3 billion in a six-month period.
Founded in 2014, Greenlight is an all-in-one money management platform purpose-built for families that offers a suite of financial services across earning, saving, spending, giving and investing. It includes a debit card, companion app and educational resources that teach young people critical financial skills. Greenlight serves 3 million parents and kids, helping them learn healthy financial habits and collectively save more than $120 million to-date.
The announcement comes on the heels of “unprecedented growth and new product innovation” from Greenlight. The company has more than tripled YoY revenue, more than doubled the number of parents and kids on its platform and doubled the size of its team within the past year. Investment bank Piper Sandler recently reported that Greenlight leads market penetration in the teen app category at 33% while others are predominantly in the single-digit percent range.
Greenlight also recently introduced the first educational investing platform for kids — Greenlight Max. Kids research stocks with expert analysis powered by Morningstar, learn from a library of in-app educational content and make real investments with parental approval. Since the launch in January 2021, Greenlight kids have made tens of thousands of investments with the most popular stocks including AAPL, AMZN, MSFT and TSLA.
“Greenlight has quickly emerged as the leader of the family finance category. Greenlight was built to help parents raise financially smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become one of the most loved and trusted brands for families around the world.” – Andreessen Horowitz general partner David George
“Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy. Today’s financing will enable us to bring even more value to families as we continue to introduce new innovative products that shine a light on the world of money.” – Tim Sheehan, co-founder and CEO of Greenlight.